The Chief Executive Officer and Founder of Landmark Beach Resort, Paul Onwuanibe, has accused the federal government of failing to compensate the company nearly nine months after the demolition of his over $200 million beach resort in Oniru, Lagos State.
Speaking during an interview aired on Sunday and monitored by AHN said the lack of compensation is a significant deterrent to foreign direct investment in Nigeria.
The demolition of Landmark Beach Resort structures began on April 29, 2024, to pave the way for the 700-kilometer Lagos-Calabar Coastal Highway.
Compensation Controversy
While the Minister of Works, David Umahi, revealed that N2.75 billion had been disbursed as the first tranche of compensation to affected property owners, Landmark Group was notably excluded.
In a statement issued in May 2024, Landmark Group demanded compensation for the destruction of the property, but Onwuanibe stated, “Not a penny. To date, we haven’t been compensated. Nobody has written to me and promised (to compensate).”
He further disclosed that the land was purchased from the government for $17 million in 2006, and the company secured a $30 million facility to develop the property.
Sudden Demolition Sparks Outrage
Onwuanibe lamented the abrupt nature of the demolition, stating, “We were issued a seven-day notice. To be fair, it took another two or three months before it came, but till today, nobody picked up the phone, called me, or wrote to me personally to explain the situation.”
He recounted the devastation caused by the demolition, which disrupted businesses and destroyed infrastructure.
“The biggest tragedy was the businesses affected by the loss of revenue. We had a beach hotel with guests sleeping there when the demolition started. We didn’t have time to retrieve items like TVs, mattresses, pictures, or kitchenware. Guests were even in the pool when it began,” he said.
Economic and Social Impact
Onwuanibe emphasized the socio-economic losses, stating that over 160,000 members of the beach community were directly impacted by the demolition. He criticized the prioritization of the road infrastructure project over socio-economic activities along the 700-kilometer coastline, saying, “Unfortunately, I was in the first kilometer.”
The Landmark Group has called on the federal government to address the situation and provide the promised compensation to mitigate the financial and emotional impact of the demolition.
